NO. 44/2015 DATE: June 10th, 2015
IRD COMMENCES FIRST PHASE OF MODERNISATION PROGRAMME
ST. GEORGE’S, GRENADA, WEDNESDAY, JUNE 10TH, 2015: Improvement in compliance is a top priority for the Inland Revenue Division (IRD) as it moves into its first phase of its current modernisation plan.
Acting Comptroller of the IRD, Dr. Raphael Stephens, says “modern tax laws based on international good practices, a new organisation structure based on tax segmentation, new job descriptions and training opportunities for staff will ultimately transform the Inland Revenue Division into a modern and professional tax service”.
Before the Homegrown Programme, Grenada had the lowest tax effort (Current revenues as a proportion of Gross Domestic Product) in the OECS region at 18%. Eighteen months later, Grenada has made significant strides and the Tax Effort is now close to 21%. Over the next few years, this Effort will reach 25% and much of this rise will come from improvement in tax administration and a steadily growing economy.
The IRD is now Government’s largest revenue collection agency; a position held by the Division of Customs and Excise for many years. The main reason for this change is the introduction of Value Added Tax and an overall reduction in border taxes on account trade liberalisation.
According to Grenada’s Fiscal Performance for April 2015, the IRD accounted for $23.7M of the $45.6M in total revenue collected. The Division of Customs and Excise collected $19.6M. Both Divisions met their April targets of $23.6 M and $19.3M respectively.
Permanent Secretary in the Ministry of Finance and Energy, Mr. Timothy Antoine, says “the principle of equity or “fair share” is of paramount importance. Indeed, this issue has been raised by the Social Partners and is now in sharp focus by Government. We are taking deliberate steps and are beginning to see results in this regard. That said, there is still much work to be done to make our Inland Revenue, the modern and professional service, it ought to become”.
426 GOVERNMENT FINALISING LOAN AGREEMENT WITH GCNA FOR DISBURSEMENT OF CABINET APPROVED FINANCIAL PACKAGE
386 TRAINING IN CONFLICT RESOLUTION FOR INLAND REVENUE AND CUSTOMS AND EXCISE DIVISIONS HAILED A SUCCESS
339 GRENADA TO DRAFT A COUNTRY PROGRAMME TO ACCESS CLIMATE FINANCE UNDER THE GREEN CLIMATE FUND (GCF)
315 INCREASED INVESTOR CONFIDENCE IN GRENADA LEADS TO OVER-SUBSCRIPTION OF EC.56 MILLION IN TREASURY BILLS
214 VALIDATION WORKSHOP: DIAGNOSTIC ASSESSMENT OF THE CONSUMER PROTECTION LANDSCAPE IN THE OECS REGION
204 NEW CUSTOMS OFFICERS RECEIVE TRAINING IN MONITORING AND CONTROL OF TRADE IN OZONE DEPLETING SUBSTANCES (ODS)
200 GRENADA TO BENEFIT FROM REGIONAL DEMONSTRATION PROJECT FOR THE REFRIGERATION AND AIR-CONDITIONING SECTOR
197 OECS COUNTRY MISSION TO UNDERTAKE DIAGNOSTIC ASSESSMENT ON CONSUMER AFFAIRS LANDSCAPES IN MEMBER STATES
196 ENERGY DIAGNOSIS AND POLICY EVALUATION WORKSHOP AS GRENADA MOVES FORWARD IN DEVELOPING NATIONAL ENERGY PLANNING GUIDELINES
84 Government to meet with Public Sector Unions to discuss new protocol for Statutory Bodies and State Owned Enterprises
58 November 3, 2014 - DISCUSSION OF DRAFT SCOCIAL COMPACT ON GBN TELEVISION – TUESDAY NOVEMBER 4TH, 2014
54 September 25, 2014 - LOCAL TEAM MEETING HELD FOLLOWING THE UN CONFERENCE IN SMALL ISLAND DEVELOPING STATES (SIDS), SAMOA SEPTEMBER 1-4, 2014
53 September 25, 2014 - LOCAL TEAM MEETING HELD FOLLOWING THE UN CONFERENCE ON SMALL ISLAND DEVELOPING STATES (SIDS), SAMOA SEPTEMBER 1-4, 2014
50 September 18, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY 2015 BUDGET PREPARATION MOVING INTO HIGH GEAR
48 September 12, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY FOR THE PRESERVATION OF THE OZONE LAYER
47 September 12, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY FOR THE PRESERVATION OF THE OZONE LAYER
37 June 30, 2014 - JUNIOR OFFICERS OF CUSTOMS AND EXCISE DIVISION PARTICIPATE IN BASIC TRAINING COURSE
36 June 30, 2014 - JUNIOR OFFICERS OF CUSTOMS AND EXCISE DIVISION PARTICIPATE IN BASIC TRAINING COURSE
24 April 24, 2014 - NOU AND GRENCASE COLLABORATES TO PROVIDE TRAINING IN REFRIGERATION AND AIR-CONDITIONING FUNDAMENTALS
21 April 1, 2014 - GOVERNMENT AND PUBLIC SECTOR UNIONS COMMENCE TALKS ON MEMORANDUM OF UNDERSTANDING FOR HOME-GROWN PROGRAMME OF FISCAL ADJUSTMENT AND REFORMS
20 April 1, 2014 - REGISTRATION OF LICENSED NON-BANK FINANCIAL INSTITUTIONS IN COMPLIANCE WITH FATCA
19 March 27, 2014 - GOVERNMENT AND DIGICEL SIGN AGREEMENT FOR INSTALLATION OF ELECTRONIC TRACKING SYSTEM DEVICES IN ALL GOVERNMENT VEHICLES
15 March 6, 2014 - GRENADA TO HOST ENERGY FOR SUSTAINABLE DEVELOPMENT (ESD) PROJECT INCEPTION MEETING
11 February 26, 2014 - 3RD INSTALLMENT OF RETROACTIVE PAYMENTS TO PUBLIC OFFICERS AND TEACHERS DEFERRED
10 February 25, 2014 - GRENADA CUSTOMS AND EXCISE DIVISION ANNUAL AWARD AND RECOGNITION CEREMONY, 2014
8 February 12, 2014 - COMMITTEE OF SOCIAL PARTNERS MOVING STEADFASTLY TOWARDS THE FINALISATION OF A SOCIAL COMPACT